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Further to the previous posts, "End Stage of Pull Back" (http://forum.srilankaequity.com/t24589-end-stage-of-pull-back) and "Market on Uptrend" (http://forum.srilankaequity.com/t24945-market-on-uptrend), the All Share Price Index rose above a key resistance/inflection point at 5588 on Friday, 28th December 2012, on good volumes.
This is a very bullish signal and was last crossed on the upside on 20th August 2012, from which date the ASPI rose powerfully by 21% from 4945 to 5972 on 28th September 2012. The ASPI is currently at a similar stage now.
In addition, the ASPI has also formed an inverted head and shoulders pattern, which is another bullish signal.
Further, the ASPI is also poised to break above the long term pennant formation marked by the highs and lows of the index.
If the ASPI holds its gains over the next couple of days, all the above technical indicators point to strong market upside, which is also supported by likely progressively lower interest rates. First stop for the ASPI could be in the region of 6000.
This is a very bullish signal and was last crossed on the upside on 20th August 2012, from which date the ASPI rose powerfully by 21% from 4945 to 5972 on 28th September 2012. The ASPI is currently at a similar stage now.
In addition, the ASPI has also formed an inverted head and shoulders pattern, which is another bullish signal.
Further, the ASPI is also poised to break above the long term pennant formation marked by the highs and lows of the index.
If the ASPI holds its gains over the next couple of days, all the above technical indicators point to strong market upside, which is also supported by likely progressively lower interest rates. First stop for the ASPI could be in the region of 6000.
